Trends in West Bank real estate can be tracked in a number of different ways, but what most people want to know is pretty basic: Is it a good time to buy or sell?
If it’s a really good time to sell, it’s going to be harder for buyers to find a place.
The opposite is true in a buyer market, when the number of available properties far outweigh the historic number of buyers in an area.
Buyer Market or Seller Market?
Generally, we consider it a seller market if the available inventory is under 6 months. Inventory around 6 months is generally an indicator of a stable market. 7 months and up put a community in a buyer market.
How are our West Bank communities performing?
They are improving, but it’s still a buyer market across the West Bank as a whole.
With a year’s worth of inventory on the market right now, Algiers sellers should expect buyers to negotiate hard when making an offer on their home. Why? Because there are so many other properties to choose from…216 of them as of 4/30/15.
Belle Chasse Market
Inventory has steadily dropped this year, but Belle Chasse has consistently had at least a year’s worth of homes for sale over the last 12 months. As of 4/30/15, there are 46 active listings in Belle Chasse.
Gretna and Terrytown Markets
Gretna and Terrytown have the lowest inventory on the West Bank. We’re still calling those areas a buyer market at this point, but the fluctuating inventory is moving them towards stable.
Active listings as of 4/30/15:
- 70053 = 50 homes
- 70056 = 139 homes
Harvey is also a buyer market, but it won’t take much to move it into the stable category. There are 129 homes for sale today.
Also trending towards a stable market, Marrero has seen a rapid drop in inventory this spring (221 homes for sale as of 4/30/15) and we expect that trend to continue over the next couple of months.
When taking into account the entire 70094 zip code (Bridge City, Avondale, etc), Westwego has flip flopped from month to month from stable to buyer markets. There are currently 100 homes for sale in 70094.
Do you need a report of inventory in your particular West Bank neighborhood? Call us at 504-327-5303 and we’ll be happy to customize sales data for you.